As the deadline for President Trump's trade deal approaches, concerns are rising over the impact of tariffs on small businesses. Ranking Member Edward J. Markey has addressed a letter to key figures in the Trump administration, urging them to reconsider tariff policies that he claims are harming small businesses.
The 90-day period set by President Trump for negotiating trade deals is nearing its end on July 9. Markey's letter was sent to Small Business Administrator Kelly Loeffler, Secretary of Commerce Howard Lutnick, U.S. Trade Representative Jamieson Greer, and Chair of the Council of Economic Advisers (CEA) Stephen Miran. In it, he highlighted what he describes as "economic burdens" faced by small businesses due to current tariff policies.
Despite promises from the administration about reducing tariffs through new trade deals, only one agreement has been reached so far, maintaining a 10 percent global tariff. This situation leaves many small business owners feeling uncertain about their future.
In testimony before the Senate Small Business Committee, SBA Administrator Loeffler claimed that small businesses are not facing increased costs due to tariffs in the short term. However, CEA Chair Stephen Miran admitted that price volatility is possible in the near term.
Markey criticized this approach: “The Trump administration’s plan for U.S. small businesses appears to be to let them suffer.” He pointed out that Goldman Sachs conducted a survey indicating 70% of small business owners expect negative impacts from tariffs.
He further emphasized the resilience of small businesses but warned against expecting them to endure additional burdens without relief: “Trump’s reckless and overly broad tariffs are forcing small businesses to make tough decisions.”
Markey has proposed legislation known as the Small Business Liberation Act which aims to exempt small businesses from these global tariffs. The bill was blocked by Republicans in May 2025.
Previously, Markey wrote similar appeals to various officials within the Trump administration and collaborated with Democratic Leader Chuck Schumer and other Democrats on efforts addressing these issues.
